USDJPY Head & Shoulders Pattern Forming At Key Weekly Resistance Area 110.96 To 111.71

  • Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY Securities

  • 13.07.2021 05:15 pm
  • trading

 

Overview:

Watch the video for a summary of this week’s news releases, and a complete Top Down Analysis of the USDJPY.

USDJPY Weekly:

Weekly support at 109.84 and 107.47, resistance at 110.96 and 111.71.

Price has failed at the 110.96 and 111.71 weekly resistance highs. MACD is almost showing negative divergence signalling a potential change in trend at a strong resistance area.

USDJPY Daily:

Daily support at 109.71, resistance at 110.41 and 111.11.

Price has turned down on the daily chart showing a lower bottom. MACD is showing negative divergence.

A head and shoulders pattern may form if price rallies back to the 111.00 resistance area. A failure at the 111.00 resistance area would present an ideal opportunity to sell for the next decline in line with the current downtrend.


 

 

 

 

 

 

 

Related Blogs

Quick Data Snack US China and Inflation
  • 10 months 3 weeks ago 03:00 am
Loonie Soars on Canadian CPI Spike, Outperforms
  • 10 months 3 weeks ago 03:00 am
US Inflation is still sky high!
  • 10 months 4 weeks ago 03:00 am
Reserve or Reverse Bank of Australia?
  • 10 months 4 weeks ago 08:00 am
Watch Out For US Inflation and Apple 13.
  • 10 months 4 weeks ago 04:00 am

Other Blogs